Results released today by SQM Research reveal national residential listings increased marginally by 0.5% to 324,041 over the month of May 2017.
The data reveals Sydney, Brisbane and Darwin posted the highest monthly increase in listings, up 5.9%, 3.2% and 3.0%, respectively.
However, property listings fell in Hobart and Melbourne over the month.
In Hobart, listings dropped 5.7% and Melbourne -1.2%.
Over the year, listings were down in all capital cities except Canberra and Sydney which increased 2.7% and 2.0% respectively.
There were steep drops of 18.9% in Hobart and 19.5% in Melbourne over the year which reflects very robust market conditions in these two cities.
- National Listings rise 0.5% during the month of May to 324,041 residential properties.
- Hobart recorded the largest decline of -5.7% to 2,925 residential properties on the market.
- Melbourne records the largest year on year decline of -19.5% to 30,070 resdiential properties on the market.
- Capital city asking prices rose 0.5% for houses, while they fell 0.5% for units.
- Darwin recorded the largest decrease with a 2.0% decline in unit asking prices for the month. Darwin unit asking prices are now down -9.4% for the past 12 months.
- Sydney has also recorded a monthly decline in asking prices of -1.1% for hosues and -1.0% for units.
The listings data suggests the national market was still relatively strong over the course of May.
Normally, May listings increase over April due to the multiple holiday periods in that month.
So a 0.5% list for May is actually quite modest.
The Sydney rise of 5.9% is a little on the weaker side and I also note the monthly decline in asking prices of 1% for that city.
While it is still too early to call a slowdown in Sydney at this stage, we are watching this market closely as there has been increasing evidence of a possible slowdown.
Meanwhile the listings activity and asking prices out of Melbourne suggest there were very robust market conditions throughout May.
To record a 1.2% decline in listings plus a near 6% surge in asking prices for houses is about as strong as it gets.
The table below indicates that over the month ending 6 June, asking house and unit prices recorded marginal decreases in Sydney, Darwin, Brisbane and Adelaide.
Whilst Hobart and Melbourne posted gains. Nationally, asking house prices showed no growth and unit prices recorded a decrease of 0.4%
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